New Trend Forming in Kelowna

 

September Real Estate News

October 2015

The new strong market activity started in April with about 25% of the inventory selling and stayed up there for every month, but lost this momentum in September. (See graph below)  September was still a good month with 19% of the inventory selling, which is above the average from the last 10 years. Compare the Single Family Dwellings (SFD) 19%, to Apartments 20% and Townhomes 23% of the inventory selling, now that is amazing. It means, we can clearly see a new trend favouring strata units, which is also supported by the average price as SFDs come in at just over $500K and Townhomes are at $425K meaning only $75K or 15% below SFDs . Apartments are at $250K in the average selling price. We think the market will stay strong and maybe the slow down for September and October is somewhat impacted by the election. 


Sales in the Single Family Dwellings (SFD) reached 212 this September. This is 14% below the 247 sales in September 2014 and is 16% above the last 10 year average.


Listings there are currently 1,115 active listings, which is very similar to September 2014. This is the lowest inventory in September since 2006 and similar to last month.


Listings vs. Sales 19.01% of the listing inventory sold in September which is a sharp drop from the last 5 month at 25%, meaning we are back to a balanced market. With that being said, under $600,000, 29% of the listing inventory sold, meaning we are in a strong seller’s market in the mid and lower price points.


Average Price The Single Family Dwellings (SFD)  average price for Kelowna was $503,667 for September which is just above the average of 2014 .

Apartment and Townhomes

A total of 197 units sold in Kelowna and area this September. 23% of the listing inventory sold in Townhomes and 20% of Apartments sold. That is very strong for Kelowna especially compared to single family homes at only 19%.

Million $ Plus

The MLS system shows that a total of 16 residential properties sold in September over $1 Million compared to 18 in August.  In September, these were: 10 Lakefront Homes, 2 Single Family Dwellings, 1 Strata Townhome,. 4 of the properties sold over $2 Million.

Lots

Only 18 lots sold on MLS out of 503 available this September which makes it a low 3.6% sell to inventory ratio. Sales YTD reached only 155 compared to 200 lots sold for the first 9 months last year. That is a 22% decline.

Major Cities Report

 

Victoria

Is it an Endless Summer for Real Estate in Victoria?

A total of 704 properties sold in the Victoria Real Estate Board region this September, an increase of 24.6% compared to the 565 properties sold in the same month last year. There were 3,478 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September, 18.2% fewer than the 4,253 active listings in September 2014. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in September was $558,600. The benchmark value for the same home in September 2015 has increased by 8.7% to $607,100.

Vancouver

Metro Vancouver home buyers compete for fewer home listings

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,345 on the Multiple Listing Service® (MLS®) in September 2015. This represents a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014. Last month’s sales were 32.9 per cent above the 10-year sales average for the month. The sales-to-active-listings ratio in September was 31 per cent. Sales of detached properties in September 2015 reached 1,272, an increase of 0.2 per cent from the 1,270 detached sales recorded in September 2014, and a 24.3 per cent increase from the 1,023 units sold in September 2013. The benchmark price for a detached property in Metro Vancouver increased 18.9 per cent from September 2014 to $1,179,700.  The benchmark price of an apartment property increased nine per cent from September 2014 to $415,100. The benchmark price of an attached unit increased 8.1 per cent between September 2014 and 2015 to $518,600.

Calgary

Prices ease as expected and Inventories rise as sales activity softens further.

Residential sales in the city totaled 1,448 units in September, well below typical activity levels for this time of year. Year-to-date Calgary sales remained below both the five- and 10-year year averages by a respective 10 and 26 per cent.
While all property types recorded a notable drop in the sales-to-new listings ratio, both the apartment and attached segments saw the most significant declines. Ratios in both categories dropped to the 40 per cent range, while months of supply pushed up to 4.95 and 4.35, respectively. In comparison, the detached category saw its ratio hover around 50 per cent in September and months of supply settle at 3.32. Despite higher months of supply, typical home prices in both the detached and attached sectors remained relatively unchanged in September, totaling $517,200 and $357,000, respectively

Edmonton

Prices Remain Virtually Unaffected by Dip in Sales

The average residential price in September for the Edmonton Census Metropolitan Area (CMA) is down less than 1% year-over-year (YoY) despite reported sales being down 6.76%. Single family sales (down 9.72% YoY) and condo sales (down 9.07%) continue to be down over levels reported in September of 2014, while duplex/rowhouses (up 17.21% YoY) buck the trend. A single family home in the Edmonton Census Metropolitan Area (CMA) sold for an average of $432,150; down 1.75% from August and down 0.98% YoY. The average price for condominiums ($252,953) fell 0.68% over last month and 1.05% over last year. Duplex/rowhouses did well at an average of $364,203 – up 2.76% from the previous month and up 4.28% from 2014.

Toronto

Record Home Sales in September 2015

There was a combined 8,200 home sales reported for September 2015. This result was up 2.5 per cent compared to September 2014. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395.




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